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Senior Citizens Fixed Deposit Interest Rates in Utkarsh Small Finance Bank

Updated 29 Jan 2024

Utkarsh Small Finance Bank strives to offer substantial value to its esteemed customers. Recognising the financial stability needs of senior citizens, the bank has structured its FD schemes to cater explicitly to this demographic. Let's delve into how Utkarsh Small Finance Bank makes fixed deposits more appealing for senior citizens.

Features of Utkarsh Small Finance Bank Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate over the standard FD rates. This specific rate depends on the bank's current promotions.
  • Qualification: Only those aged 60 or above are eligible to open a senior citizen FD account.
  • Duration: Customers can select from a varied range of FD terms, spanning from as short as 7 days to as long as 10 years.
  • Early Withdrawal: While penalties might be levied, senior citizens generally get more lenient terms for early FD withdrawals.
  • Borrowing Options: Senior citizens, like other depositors, can avail of loans against their FDs.
  • Beneficiary Assignment: The bank permits the nomination of a beneficiary to receive the FD amount upon the account holder's demise.
  • Tax Deduction at Source (TDS) Implications: Interest earnings are subject to taxation as per Indian tax laws. However, by furnishing Form 15H, eligible senior citizens can steer clear of TDS deductions.
  • Automatic Renewal: Utkarsh Small Finance Bank, like many others, may offer an automatic renewal feature. This ensures that the FD is seamlessly renewed upon maturity unless stated otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD might vary. A minimum deposit requirement is often in place, while there might not be an upper cap.
  • Unique Offerings: From time to time, or as part of special initiatives, the bank might roll out unique offers or features designed especially for senior citizens.

Utkarsh Bank FD Interest Rate for Senior Citizens

TenureSenior Citizen FD Rate
7 Days to 45 Days 4.60%
46 Days to 90 Days 5.35%
91 Days to 180 Days 6.10%
181 Days to 364 Days 7.10%
365 Days to 699 Days 8.60%
700 Days to less than 2 Years 8.85%
2 Years upto 3 Years9.10%
Above 3 Years to less than 4 Years 8.85%
4 Years upto 5 Years8.10%
Above 5 Years upto 10 Years7.60%

 

Note: All interest rates shown above are as on 29th Jan 2024

Eligibility Criteria

  • Must be an Indian resident aged 60 or above.
  • The scheme is primarily tailored for senior citizens, ensuring higher returns on their savings.
  • The special FD rates for senior citizens do not extend to NRIs.

Documents Required to Open a Utkarsh Small Finance Bank Fixed Deposit for Senior Citizens

Identity Proof

  • Aadhaar card
  • Voter ID
  • Ration card
  • Passport
  • PAN card
  • Driving Licence

 

Address Proof

  • Bank Statement
  • Cancelled Cheque
  • Utility Bills

FAQs

Is there a special scheme for senior citizens?

Yes, Ujjivan Small Finance Bank  offers a unique 'Senior Citizen Care' FD, which is designed to provide added advantages over the standard FD schemes.

Can I break my Senior Citizen FD prematurely?

Yes, although doing so might result in a penalty. It's advisable to confirm specifics with the bank.

Is TDS applicable on the interest earned from Senior Citizen FD?

Yes, TDS is levied if the cumulative interest earned during a fiscal year crosses the threshold set by the Income Tax department.

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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